The outdoor advertising specialist jumped 11.32% to 18.39 euros, taking second place on the SBF 120 index following its solid annual publication and favorable outlook.
In 2025, JCDecaux reported revenue of 3.97 billion euros, up 1.8% on an organic basis, driven by digital growth. The operating margin rose by 8.7% to 831.1 million euros, representing an adjusted operating margin rate of 20.9%, compared to 19.4% a year earlier.
Net profit reached 262.6 million euros, up 22.8%, excluding the exceptional capital gain recorded in 2024 from the sale of shares in the Swiss group APG SGA.
On the financial front, JCDecaux, which states it has seen no significant impact from the Middle East conflict on its business at this stage, also reduced its net debt by 22.3% year-on-year to 587.4 million euros, while free cash flow rose to 342.9 million euros. "FCF is significantly above our estimate of 280 million euros, illustrating the current priority given to cash generation," noted Oddo BHF, which reiterated its outperform rating on the stock with a price target of 22 euros. The group had set a target for FCF exceeding 300 million euros by 2026, a threshold already surpassed in 2025.
Dividend increase of 18.2%
Regarding the outlook, JCDecaux anticipates organic revenue growth of over 5% in the first quarter of 2026, supported notably by the positive impact of the Milan-Cortina Winter Olympics and a return to growth in China.
"Organic growth in the fourth quarter came in at 1.6% and the group is guiding for +5% in Q1 (consensus at +2.5%). This is probably the most encouraging message from this publication (after the FCF)," the research firm noted, specifying that the Barcelona and Stockholm contracts will begin to have an impact between February and May. The Carmila contract is expected to start after the summer. "We estimate an impact of around 80 bps on growth in 2026."
JCDecaux will propose a dividend payment of 0.65 euros per share for the 2025 fiscal year to its shareholders at the general meeting scheduled for May 13, 2026. This amount represents an 18.2% increase compared to the dividend paid last year.
The group also indicated its intention to progressively increase this dividend in the future, while ensuring a balance in the use of its free cash flow between investments, targeted acquisitions, and shareholder remuneration.
Since the beginning of the year, JCDecaux shares have risen by nearly 15%.
JCDECAUX SE is No. 1 in the world for outdoor communication. Net sales break down by type of surface as follows:
- urban furniture (50.7%; No. 1 worldwide): sales of advertising space in malls and on urban furniture bus shelters, automated public toilets, newspaper kiosks, signboards, etc.; 636,625 advertising surfaces marketed at the end of 2025), sale, leasing, and maintenance of urban furnishings. The group is also No. 1 worldwide for self-service bicycle rentals;
- transportation vehicles and terminals (35.8%; No. 1 worldwide): sales of advertising space in 154 airports, on and in buses, subways, trains, tramways, train stations, and transit terminals. At the end of 2025, the group sold 374,718 advertising surfaces;
- traditional and lighted billboards (13.5%; No. 1 in Europe): 94,562 advertising surfaces marketed.
Net sales are distributed geographically as follows: France (16.7%), the United Kingdom (10.6%), Europe (30.1%), Asia-Pacific (20.5%), North America (8%) and other (14.1%).
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